奕瑞科技(688301)：探测器份额稳固 新核心部件快速拓展

Core Insights - The company is a leading domestic manufacturer of core components for X-ray imaging equipment, with a continuously increasing market share and rapid growth in new core components and comprehensive solution businesses, maintaining a buy rating [1] Financial Performance - In 2024, the company achieved revenue of 1.831 billion yuan (-1.74%) and a net profit attributable to shareholders of 465 million yuan (-23.43%), with a non-recurring net profit of 439 million yuan (-25.84%) [2] - In Q1 2025, the company reported revenue of 482 million yuan (-1.92%) and a net profit attributable to shareholders of 143 million yuan (+2.74%), with a non-recurring net profit of 141 million yuan (-9.19%) [2] - The EPS forecasts for 2025-2026 have been adjusted to 4.07 and 5.02 yuan, respectively, with a new forecast for 2027 set at 6.22 yuan, maintaining a target price of 143.10 yuan, corresponding to a PE of 35X for 2025 [2] Market Position - The company's market share in the detector segment continues to rise, with sales revenue from detectors projected at 1.49 billion yuan in 2024 (-11.99%), actively increasing market share despite weak demand [2] - The sales volume of digital X-ray detectors is expected to grow from 91,300 units in 2022 to 119,200 units in 2024, with a global market share reaching 20.09% in 2023, positioning the company as a leader in the global digital X-ray detector industry [2] Business Growth - The new core components and comprehensive solutions business is experiencing rapid growth, with revenue from new core components reaching 126 million yuan (+45.49%) and comprehensive solutions and technical services generating 86.8 million yuan (+226.25%) in 2024 [3] - The company has completed its business layout in high-voltage generators, radiation sources, and tubes, with the economic and mid-to-high-end CT high-voltage generators starting mass production in 2024 [3] Market Expansion - The company is actively expanding both domestic and international markets, enhancing its global service platform with sales or customer service centers established in various countries including the USA, Germany, South Korea, India, Japan, Mexico, Pakistan, Brazil, and South Africa [4] - In 2024, several major clients continued to show healthy growth, with dental products achieving small batch sales overseas and industrial new core components and solutions generating nearly 100 million yuan in revenue [4]